Deutsche Bank Reports on Ferro (FOE)

Deutsche Bank commented on Ferro FOE in a report released yesterday. In the report, Deutsche Bank was mixed on its outlook of the company. Deutsche Bank writes, “With an inventory correction in solar modules negatively impacting demand for Ferro's high margin, high growth solar paste, Ferro is guiding Q2 EPS to be flat to down vs the prior year. While this is a marked slowdown vs the 32% EPS growth posted in Q1, the impact should largely be confined to Q2 assuming a typical 3-6 month inventory correction. While Ferro maintained its full year EPS guidance and valuation is not stretched at 10.2x ‘11E EPS, given the importance of solar to the investment story, we expect Ferro's shares to be rangebound for the near-term.” Deutsche Bank has a Hold rating on the company and a price target of $15.00. Shares of Ferro closed the trading day at $13.72 yesterday, down $0.05 from the open.